Stalled Construction Still Plaguing the City

There are about 650 sites on the DOB’s stalled construction list, according to a Crain’s article that examines why it’s been so difficult for developers to move forward with projects in past couple of years: “Restarting work requires banks to find new developers, owners to restructure debt, new investors to inject cash into projects—or some combination of those. Experts say the process will probably take longer than it did after the last big real estate downturn in the early 1990s.” Williamsburg continues to be one of the city’s stalled-site hot spots, according to the story, despite there being new movement on condos-turned-rentals like 111 Kent Avenue and 175 Kent Avenue. DOB Commissioner Robert LiMandri says that the development outlook isn’t as bleak as it once was, though, and that 550 projects have restarted since the city began keeping tabs on stalled sites in 2009.
Stalled Construction Projects Litter the City [Crain’s]